The pace of investment incomes fall. And it is a signal about the growing problems in the pension system.
Remember that at the beginning of August the accrued investment income on pension savings in annual expression decreased by 11.9%. Given the tendency of the falling rate of investcontract, then any doubts about the effectiveness of the management of pension savings.
The beginning of autumn this question already puts squarely. As of September 1 of the investment return compared with last year fell by a quarter.
In absolute terms, Pensione received less than 154,3 billion tenge
Now in the Fund of about 10.5 million individual retirement accounts. That is, on average, each depositor has received less approximately 14.4 thousand tenge.
By 1st November “pure” investment income (net of commissions) declined at an annual rate of 26.7%. Money — 156,1 billion tenge. Well, or 14.9 thousand per average investor. For comparison, the average size of pension accruals of the depositor to the beginning of autumn made 980,9 thousand tenge.
Grow at the expense of contributions
Themselves pension savings continued to grow. In annual terms, the volume increased by 17.1%. In absolute terms – by $ 1 trillion 506,7 billion tenge. It is clear that reducing accrued investment income main source of this aggregate positive is the accelerated growth of incoming contributions. Confirm this assumption and the data of the state monopoly: in this article, the annual growth of 15.4% to 631,9 billion tenge. Including obligatory pension contributions is 15.7%, to 603,3 billion.
Meanwhile, pension payments from the single pension Fund” continues to grow at a rate comparable to the growth dynamics of revenues from pension contributions. Yoy they increased by 15.2% — to 139.4 billion tenge. The amount of transfers to insurance companies grew at a faster pace – in 1,9 times, to 24.8 billion tenge.
He expects the national Bank
It is not excluded that the government will in all possible ways to achieve further growth in the contribution rate. After all, another source of keeping afloat the current system just yet. However, it is possible to resort to the devaluation of the tenge against the dollar. In such a situation, Pensione has been a few years ago — during Daniyar Akishev at the head of the national Bank. Then, as a result of the aggressive policy of de-dollarization and strengthening of the tenge exchange rate investcontract fell sharply. Mainly due to negative exchange rate differences on foreign currency part of the portfolio of pension assets.
The situation improved towards the end of last year due to a significant devaluation of tenge to dollar. And since now the exchange rate has been remarkably stable, the national Bank does not have to rely on a positive foreign exchange differences as a source of investment income.
Note also the continued growth of commissions. Their volume increased over the year by 5.2 percent to 36.3 billion tenge. The amount of compensation from the pension assets increased by 22.3% to 11.5 billion tenge. In this case the expected investment income decreased 1.2%, to 24.8 billion tenge.